Robert Ambrogi BlogElevator Pitch: Shareforce is a collaboration platform for legal docs and contract compliance (a Github for legal staff). It enables firms to improve the quality and uniformity of legal documents, while reducing costs and increasing efficiencies. It’s a SaaS-based, modular (clause building-block based) solution for legal document design, maintenance, automation, and collaboration.
What makes you unique or innovative? Shareforce serves as the ‘single source of truth’ and is fully controlled by lawyers. SF is a comprehensive contract clause repository for all our clients’ documents originated in each department and every system. Our modular setup allows SF to offer unique features, like automated clause-update distribution, multipurpose clauses, update approval workflow tool (branching), department specific clause versions (forking) and clause update suggestions (merge requests) – analogous to GitHub.
What problem do you solve? Shareforce reduces costs and increases efficiency of legal professionals by redesigning the way contracts are organized into clause-based (modular) and digitized documents that are dynamically updated and automatically created. Templates and any derived documents are continuously and automatically updated, providing the most current version of all your contract-clauses. This results in improved Legal Governance, Risk Management and Compliance, while simplifying contract production and collaboration. In addition, our software reduces manual tasks, thereby increasing job satisfaction.
Your competitors? Our modular setup and resulting features are unique and face no existing competition. HighQ/ContractExpress, Avvoka and HotDocs could be considered competitors for our ‘automated document assembly (ADA)’ tool.
Demo video: None.
Founded: 6/24/2019, The Hague, The Netherlands.
Target customer. Medium & Large Law Firms & Financial Firms with large internal legal teams
Price. List price of 195 Euro or USD/month per user
Expected 2022/2023 gross revenue? Less than $1M/$1M – $5M
Number of users/paying customers? < 100/< 20
Traction to date. Shareforce launched the platform in the Netherlands in 2021 with interest from the 3 major banks. One of them is now using Shareforce, and with another we are finalizing the requirements. Our business plan is to expand from the Netherlands to the UK where we are in advanced conversation with some major UK banks. The next step is to broaden our scope to several large banks and large law firms in the US. We’ve established an initial dialogue with a number of these US firms and look to expand aggressively in 2023 and 2024.
Plan for growth over next five years. Our plan is to scale the business in the UK and NL in 2023, followed by the US, France, and Germany in the latter half of 2023 and in 2024. We are building out both our salesforce as well as our programmers/developers headcount. Our revenue target is 20 mln euro for 2026.
Outside funding. $1M – $5M in outside funding
Describe any ways in which your company is diverse or promotes diversity. We are a remote-only business and have fully flexible work arrangements for all our employees. We recruit from any background.